If you’re looking to buy an apartment in Singapore, there are a number of things that you should consider. The first thing is how much can you afford? How many bedrooms do you need?
What’s the location like and what kind of amenities will be nearby? Do I want to buy or rent for now? These are all important questions when it comes time to make your decision. Here are 5 tips on buying an apartment in Singapore!
1. Determine your budget
To buy an apartment, the purchase price of a condominium unit can be low as $200,000 or as high as $25 million. Obviously, the latter is going to require a larger cash-down payment and substantially more annual income than the former.
The price you are able to pay for the apartment should depend on what you want from it. Do you want a small bachelor apartment or do you need a bigger family-sized apartment?
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2. Down Payment and financing options
For most people, the biggest obstacle to buying an apartment will be securing financing. Banks in Singapore typically require borrowers to have a substantial down payment in order to qualify for a loan.
At the same time, some people are able to use compensating factors – that is, other assets which can be used as collateral for the loan. Those with a full-time job have more options than freelancers or business owners. Of course, if you don’t need financing at all, you could always pay cash for your apartment.
3. How many bedrooms do you need?
You should also determine whether or not you want a single-bedroom apartment or a multi-bedroom unit. Some people only require one-bedroom, while others prefer something with at least 2 bedrooms to accommodate their children and extended family.
A larger budget will sometimes allow room for more than one choice – in other words, if you’re able to spend more, you’ll be able to find what you’re looking for in terms of space.
4. Location is key
There are many neighborhoods in Singapore that offer great apartments, but it’s important to consider the location when buying an apartment because your commute time will depend on this factor.
If you work in the CBD area near Raffles Place, for example, an apartment in Geylang will not be as convenient as one near Tanjong Pagar.
The amenities around the area are also important because you don’t want to leave your new place if there’s nothing fun to do nearby. It would be a good idea to check out some demographic data on the neighborhood before going further with the buying process.
5. Viewing first before purchasing
Just because you love a specific apartment does not mean it’s for you. You should go see the unit in person or maybe even another one just like it to know if that particular place is right for your needs.
Buying an apartment isn’t something you want to rush into, so make the necessary time to view your choices before you decide.
Conclusion
Whether you’ve never bought an apartment before or want to get more out of your purchase, the tips above should help you make a better decision. There is no one-size-fits-all solution when it comes to buying an apartment in Singapore, but always make sure to do your research and be clear about your goals and expectations!
